Do hearing the words Mass Tort Litigation make you feel like this?
Yeah, you aren’t alone.
But what if a bunch of folks were wronged in some way and wanted compensation for it? What if there was a corporate injustice and you wanted to use our legal system to make it right? Think Erin Brockovich. THAT’s mass tort litigation – a civil action involving numerous plaintiffs against one or a few corporate defendants in state or federal court.
Now think about all the pain points of litigation involving hundreds if not thousands of people. Erin Brockovich went door to door in that pre-tech era. These days law firms have to use mass media to reach possible plaintiffs, snail mail, or have phone conversations with thousands of people. And who actually answers their phone anymore?
Now, there is Tort IQ – a Village startup who’s technology platform is helping claimants and attorneys get paid faster. They save time and increase revenue for all involved. Easy to see how they are solving a problem, right?
Mark Newton is the Co-Founder of Tort IQ. A quiet, incredibly likable guy, Mark has launched this product and reached over 6 figures in revenue in the first 6 months! Soft spoken, and the first to tell you that mass tort litigation is not that cool, Mark’s technology utilizes logic to know how to properly advise each individual claimant so that the information matters, and is ultimately helping thousands of people.
Learn more from Mark below.
What is Tort IQ?
Tort IQ is a technology company working to simplify complex inefficiencies in mass tort litigation. We’re currently delivering accurate, scalable, and documented government benefits advice to claimants. We minimize the law firm’s liability while increasing settlement speed and claimant participation.
How did mass tort litigation get on your radar for a startup and can you REALLY make it simple?
My co-founder and I have a combined 30 years of experience in working closely with mass tort firms and how they settle cases. So, this idea of offering a technology solution for inefficiencies was born a few years ago. We launched Tort IQ 15 months ago.
Who are your ideal customers?
Plaintiff law firms handling mass tort litigation. These cases range from defective drugs, medical devices, environmental toxins to terrorism. We are hired by the law firms representing the claimants.
What traction do you have?
Good traction so far. We just completed our 9th mass tort case and have already assisted over 4,000 claimants. Revenue is well over 6 figures and we became profitable in our first quarter. We’re pretty busy right now.
Any words of wisdom for other entrepreneurs?
Here’s a few things I’ve learned the hard way:
- Always sell aspirin not vitamins. (David Cummings)
- Stick with what you know. (Hank McCamish)
- Make sure your customers are easily identifiable.
- Make sure what you’re selling has a high incremental value and a high sense of urgency to the customer.
- Business is just math. It isn’t arms and legs and life. Don’t be all-consumed by it. It’s not family and faith. (Fred Smith)
We plan on continuing to improve our systems and now begin a strong marketing push. Secondarily, we’re keeping our eyes on a couple of other areas of inefficiency in this market. The amount of money exchanging hands in the cases is very interesting to us.
Technology simplifying mass tort litigation. Think what Erin Brockovich could have done with Tort IQ.